Prepare an owners equity statement for july ! Mike Greenberg opened Bridgeport Window Washing Co. on July 1, 2020. During July, the following transactions were comOwner invested $9,600 cash in the company.Purchased used truck for $6,400, paying $1,600 cash and the balance on account.Purchased cleaning supplies for $720 on account.Paid $1,440 cash on a 1-year insurance policy effective July 1.Billed customers $2,960 for cleaning services performed.Paid $800 cash on amount owed on truck and $400 on amount owed on cleaning supplies.Paid $1,600 cash for employee salaries.Collected $1,280 cash from customers billed on July 12.Billed customers $2,000 for cleaning services performed.Paid $230 for maintenance of the truck during month.Owner withdrew $480 cash from the company.July 11(213512182021253131

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Description: Prepare an owners equity statement for july ! Mike Greenberg opened Bridgeport Window Washing Co. on July 1, 2020. During July, the following transactions were comOwner invested $9,600 cash in the company.Purchased used truck for $6,400, paying $1,60

Owner's Equity statement is one of the financial statement being prepared in business. It shows all…

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Business

Accounting

Prepare an owners equity statement for july !

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Prepare an owners equity statement for july !

Mike Greenberg opened Bridgeport Window Washing Co. on July 1, 2020. During July, the following transactions were com
Owner invested $9,600 cash in the company.
Purchased used truck for $6,400, paying $1,600 cash and the balance on account.
Purchased cleaning supplies for $720 on account.
Paid $1,440 cash on a 1-year insurance policy effective July 1.
Billed customers $2,960 for cleaning services performed.
Paid $800 cash on amount owed on truck and $400 on amount owed on cleaning supplies.
Paid $1,600 cash for employee salaries.
Collected $1,280 cash from customers billed on July 12.
Billed customers $2,000 for cleaning services performed.
Paid $230 for maintenance of the truck during month.
Owner withdrew $480 cash from the company.
July 1
1
(21
3
5
12
18
20
21
25
31
31

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